Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1887-12-22
TINE PRESIDENTS MESSAGE.
A synopsis of sis Views On the Tartm
aud Treasury surplus.

lilg place Tor treasure neettieSSlN Will
drawn from the trade OF the country
When it becomes the latter the ene:'
gies Of the nation are crippled, invest
ments in productive enterprises arr.
prevented, fnancial disturbance is
threat ened and schemes oi public
plumber invited.
The President says the condition OF
the treasury is such ~ to excite the
gravest fears of financial cOnvulsion
and widespread disaster, and that
unless immediate steps be taken to
reduce its surplus, they may he sud
denly precipitated uponus. Hequotes
figures to show that notwithstanding
nearly 100000, 900 were applied to
the payment OF heprincipal and inter
est OF the three per cent. Outstand-
ing bonds which were payable at the
option Of the government, and that
the remaining out standing three per
cent tsamOun,ing 5 to about SIS 900 900
were called i'm and over S21 ,OOO,OO
were expended in t he purchase of 4 and
II, per cent. bonds not yet due, at u
large premium, and the interest on
Others anticipated, all OF which was
done to relieve the stringency of the
money market and to prevent bust
ness embarrassments, yet there was at
the close of the fiscal year ending June
3Oth. 1887, IA surplus in the national
treSury amounting to 500, ,261 - 80,
which surplus, it is estimated, will
reach he enormous sum of 81 49, 900
600 by the Both day OF June next.
Such an amount drawn from the
channels OF trade the President holds,
is inviting distress to the business
interests of the country. and urges
that congress devise some means to
restore the surplus to its place among
the people without waste or extrtvi-
gance.
ffow 10 rr'frrr riTr SIT IJfITs HYTf smut
oil the needless drain upon the ener-
ecs of the people, the President con-
sders IL difficult problem. As all out
standing bonds, upon which the gov
ernment could insist payment, have
been retired, and as the contribution
to the sinking fund for the current
year has already been made he can
see no outlet for the idle money ia
inat direction. The three plans srg-
aested by which the treasury may he
relieved OF its surplus are given.
First, the Cnite'l States treasurer
may enter the market and purchase
outstanding bonds not yet due. The
power of that official to do this is
found in an appropriation bill passed
several years ago, but this bill, the
President thinks. wa. only intended
for temporary relief. not continu-
ous power. 1t would be dangerous to
authorize single individual TO thus
dispose OF he public money and at his
will affect the financial condition OF
the country.
SECOND, the bonded Indebtedness of
the country might be funded at "A less
rate OF interest aud the difference
bet wecn he new bonds and the present
ones he paid in cash thus finding use
for the treasury surplus. The s,iccess
of this plan would rest with the bond
holders, who might refuse tn part with
heir bonds upon the proposed terms.
The third plan. to deposit the
money held by the government in
banks throughout the country, the
President thinks is tInai,e as it would
establish u too ciose relationship
he; ween lac operations OF the govern
ment treasury and the business of the
country.
After stating the above dillicutiee
and object ions as to II means Of 4,
relticin. thr surplus. the President
reviews the operations of the present
tariff laws and aims 10 show wherein
they protect and where they do not.
lie urges n revision OF tie tarlif IN
such manner as to lessen the burden
of taxation and at the same time not
cripple oiir manufacturing industries.
The President produces the follow
ing figures showing the number of
people engaged in different branches
of industry in the country, giving the
relative number benefited by high
tariff:
That Of tn" Il .532 900 of populatio ion
engaged in all kinds ii industries ! .6n1 1913
arr. employed in agriculture. l.oiI.23S in
professional and personal service, lic,-
.516 al whom are domestic servants and
laburrrs. whlle | .>io 2J'i are employed in
tradr aud transportation aud 3,>2s,l IL
arr cla-r'ri as ~mpl"r'rl AT manufacturing
AMI mining. For present purposes how
eyer. the last nftIl--r .iVru should be con
,idrrably rrdurrd. Without attempting o
rnam.r.il. all il will b.ruucrdcI hat thcr,-
should be- d.duritd from tho-c which If
inciadr- :iI.lli carpenters and jpiners.
a~5 l.u miiinri-. drcs>naser> and s'ani-
stresses. i.2. 26 blaeksmiths l:s:i, 100
ta.lurs ani talnr''>>sS. lo1 ,U"t hia-nt-.
TG2Il lutrher- ] ..;og bakers. -. -
iiastrreTS aud sol manufacturing agri-
cuitaral implements. leaving 2.623.">'
p.i, iflr riuBluy- IN nantifact lrlns indus
trirs " hr. arr rlain1sd To be benefited 10y
81 hi IA tar.ii. To ia s' me appeal i made